G.

19
For release at 3 p.m. (Eastern Time)
1
October 7, 2004

CONSUMER CREDIT
August 2004

Consumer credit decreased at a seasonally adjusted annual rate of about 1-1/2
percent in August, following a 6-1/2 percent increase
in July. Revolving credit fell 5-1/2 percent while nonrevolving credit edged up.
CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
-------------------------------------------------------------------------------------------------------------------------------------2
003
2004
__________
_____________ _______________________________________
1999
2000
2001
2002
2003
Q2
Q3
Q4
Q1 r
Q2 r
Jun r
Jul r
Aug p
-------------------------------------------------------------------------------------------------------------------------------------Percent change at annual rate 2,3
Total
7.6
10.6
8.0
4.2
4.3
5.2
5.3
2.2
6.3
2.2
2.6
6.6
-1.4
Revolving
4.0
11.4
6.6
1.4
2.1
0.7
2.5
1.8
5.5
-3.0
-0.1
9.0
-5.4
Nonrevolving 4
10.1
10.1
9.0
5.9
5.6
8.0
6.9
2.4
6.8
5.2
4.1
5.3
0.9
Amount: billions of dollars
Total
1519.9 1692.6 1828.8 1905.0 1986.7 1949.9
1975.7 1986.7 2018.0 2029.1 2029.1 2040.3 2037.9
Revolving
597.1
665.2
708.9
719.1
734.1
726.1
730.7
734.1
744.2
738.6
738.6
744.2
740.8
Nonrevolving 4
922.8 1027.4 1119.9 1185.9 1252.6 1223.8
1245.0 1252.6 1273.8 1290.5 1290.5 1296.2 1297.1
-------------------------------------------------------------------------------------------------------------------------------------TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 5
Percent except as noted: not seasonally adjusted
-------------------------------------------------------------------------------------------------------------------------------------Institution, terms, and type of loan
-------------------------------------------------------------------------------------------------------------------------------------Commercial banks
Interest rates
48-mo. new car
8.44
9.34
8.50
7.62
6.93
7.05
6.75
6.82
6.72
6.47
n.a.
n.a.
6.55
24-mo. personal
13.39
13.90
13.22
12.54
11.95
12.19
11.95
11.97
11.88
11.80
n.a.
n.a. 12.02
Credit card plan
All accounts
15.21
15.71
14.89
13.43
12.74
12.90
12.49
12.36
12.66
12.68
n.a.
n.a. 12.83

Accounts assessed interest
13.11
12.91
12.41
12.93

14.81
n.a.

New car loans at auto finance companies
Interest rates
6.66
3.55
3.80
3.24
3.65
4.02
Maturity (months)
52.7
63.0
62.5
59.7
60.2
60.6
Loan-to-value ratio
92
94
94
94
92
91
Amount financed (dollars)
19,880
25,733 26,493 26,470 25,525 24,804

14.91
n.a.

14.44
13.36

13.09

12.92

12.82

6.61
5.25
54.9
60.9
92
89
20,923
23,821

5.65
5.62
55.1
60.8
91
84
22,822
22,951

4.29

3.40

2.61

56.8

61.4

61.1

94

95

97

24,747

26,295

27,468

-------------------------------------------------------------------------------------------------------------------------------------This release is issued around the fifth business day of each month. The exact date
and time may be obtained by calling (202) 452 - 3206.
Footnotes appear on reverse.

1
CONSUMER CREDIT OUTSTANDING
(Billions of dollars)
Not seasonally adjusted
-------------------------------------------------------------------------------------------------------------------------------------------2003

2004

____

___________________ _______________________________________
1999
2000
2001
2002
2003
Q2
Q3
Q4
Q1 r
Q2 r
Jun r
Jul r
Aug p
-------------------------------------------------------------------------------------------------------------------------------------------Total
1940.0

1977.5

2025.5

2005.6

1550.2 1726.5 1865.2 1942.6
2018.7 2018.7 2027.5 2038.5

Major holders
Total
1550.2 1726.5 1865.2 1942.6
1940.0 1977.5 2025.5 2005.6 2018.7 2018.7 2027.5 2038.5
Commercial banks
499.8
541.5
558.4
587.2
584.2
593.7
636.4
624.7
625.8
625.8
627.0
634.3
Finance companies
201.6
220.5
238.1
237.8
244.3
284.0
295.4
307.4
324.7
324.7
329.3
333.5
Credit unions
167.9
184.4
189.6
195.7
198.9
203.4
205.9
207.6
212.9
212.9
215.9
218.1
Federal government and Sallie Mae
84.7
104.0
119.5
129.6
120.4
122.5
114.6
109.8
94.8
94.8
94.5
95.8
Savings institutions
61.7
64.8
71.1
68.7
73.8
72.7
77.9
81.5
88.4
88.4
89.2
90.0
Nonfinancial business
86.0
90.0
88.8
86.5
75.1
74.7
70.3
62.1
62.4
62.4
61.9
62.9
Pools of securitized assets 6
448.4
521.3
599.7
637.1
643.3
626.6
625.0
612.6
609.7
609.7
609.8
603.8

2025.5

2025.5
636.4
295.4
205.9
114.6
77.9
70.3
625.0

Major types of credit 7
Revolving
725.5
726.1
763.1
736.3
738.0
Commercial banks
217.5
215.5
260.1
243.3
248.7
Finance companies
34.6
37.3
37.6
37.6
39.9
Credit unions
21.1
21.3
22.4
21.5
21.5
Federal government and Sallie Mae
n.a.
n.a.
n.a.
n.a.
n.a.
Savings institutions
19.1
19.5
23.8
21.9
23.2
Nonfinancial business
36.4
35.9
26.5
20.7
21.0
Pools of securitized assets 6
396.8
396.5
392.7
391.2
383.8

621.1
738.0
189.4
248.7
32.5
39.9
20.6
21.5
n.a.
n.a.
15.4
23.2
48.5
21.0
314.8
383.8

Nonrevolving
1214.5 1251.4 1262.5 1269.3 1280.6
Commercial banks
366.7
378.1
376.4
381.4
377.1
Finance companies
209.6
246.7
257.8
269.8
284.8
Credit unions
177.8
182.1
183.5
186.1
191.4
Federal government and Sallie Mae
120.4
122.5
114.6
109.8
94.8
Savings institutions
54.6
53.2
54.0
59.5
65.2
Nonfinancial business
38.7
38.7
43.8
41.3
41.5
Pools of securitized assets 6
246.6
230.1
232.3
221.3
225.8

691.7
741.3
218.1
250.1
37.6
41.4
22.2
21.7
n.a.
n.a.
16.6
22.3
49.8
20.4
347.4
385.5

737.0
743.6
224.9
256.2
31.5
40.1
22.3
22.3
n.a.
n.a.
17.9
21.4
50.6
21.1
389.7
382.5

747.5

763.1

231.0

260.1

38.9

37.6

22.2

22.4

n.a.

n.a.

16.3

23.8

48.8

26.5

390.3

392.7

929.1 1034.8 1128.2 1195.0
1280.6 1286.2 1294.9
310.4
323.4
333.5
356.2
377.1
376.9
378.1
169.2
182.9
206.6
198.8
284.8
288.0
293.5
147.3
162.2
167.3
173.5
191.4
194.2
195.8
84.7
104.0
119.5
129.6
94.8
94.5
95.8
46.3
48.2
53.2
52.4
65.2
66.9
68.6
37.5
40.2
38.2
37.7
41.5
41.5
41.9
133.6
173.9
209.9
246.8
225.8
224.3
221.3

1262.5
376.4
257.8
183.5
114.6
54.0
43.8
232.3

1. Covers most short- and intermediate-term credit extended to individuals,
excluding loans secured by real estate.
revised from January 1998 forward as a result of new seasonal factors.
2. The series for consumer credit outstanding and its components may contain
breaks that result from discontinuities in source data.
Growth rates are adjusted to exclude the effect of such breaks.
3. Percent changes are at a simple annual rate and are calculated from unrounded
data.
4. Comprises automobile loans and all other loans not included in revolving
credit, such as loans for mobile homes, trailers, or
vacations. These loans may be secured or unsecured.
5. Interest rates are annual percentage rates (APR) as specified by the Federal
Reserve's Regulation Z. Interest rates for new-car loans
and personal loans at commercial banks are simple unweighted averages of each
bank's most common rate charged during the first calendar
week of the middle month of each quarter. For credit card accounts, the rate for
all accounts is the stated APR averaged across all
credit card accounts at all reporting banks. The rate for accounts assessed
interest is the annualized ratio of total finance charges at
all reporting banks to the total average daily balances against which the finance
charges were assessed (excludes accounts for which no
finance charges were assessed). Finance company data are from the subsidiaries of

the three major U.S. automobile manufacturers and are
volume-weighted averages covering all loans of each type purchased during the
month.
6. Outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of
the loan originators.
7. Includes estimates for holders that do not separately report consumer credit
holding by type.
r=revised. p=preliminary.